This company makes drilling and production equipment for oilrigs and designs and manages the installation of subsea production systems. It also undertakes modification and maintenance work on offshore installations and constructs new rigs. The company was formed in January 2004 in a buyout from the Swiss- Swedish engineering group ABB backed by Candover, 3i, JP Morgan Partners, NIB Capital and manage- ment led by executive chairman John Kennedy. Sales totalled £919m in 2003, the latest figures available.
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